Magic Johnson and his wife, Cookie, have boarded their private jet bound for Italy -- where the family will begin their annual $3 MILLION summer vacation!!!

Remember, the Johnson family vacation is straight BALLER -- they rent out insane yachts and sail around the Amalfi Coast ... while visiting with their rich and famous friends.

In fact, Samuel L. Jackson and his wife are already in Europe -- guessing they'll meet up very soon as they usually do.

In the past, Magic's yachts have featured everything from movie theaters to dining rooms and impressive gyms with treadmills and free weights. We'll see if they upgrade for the 2018 edition!

Bon voyage!